UK to Strengthen Economic Ties with Africa through 2024 Investment Summit

On Thursday, the United Kingdom announced that it would host an African investment summit in April of next year.

The announcement came as HM Revenue and Customs and the Federal Inland Revenue Service signed a Memorandum of Understanding (MoU) to boost Nigeria’s domestic revenue.

The United Kingdom claims that the two-day summit in London will bring together British and African business leaders with heads of state and government from 24 African nations.

Rishi Sunak, the Prime Minister of the United Kingdom, stated that the summit will support British and African talent in sectors like finance and technology, promote women entrepreneurs, and strengthen UK-African partnerships to create jobs and growth.

He stated, ” The Culmination will expand on the aftereffects of the UK-African Speculation Highest point 2020 and virtual UK-African Venture Meetings in 2021 and 2022. Over £6.5 billion in deals and an additional £8.9 billion in investment commitments were announced at the UK-African Investment Summit 2020, marking a significant turning point in our partnerships with African nations.

More than half of the two billion people who will live in Africa by 2050 will be under the age of 25. Sub-Saharan Africa’s economic expansion is expected to be faster than the global average over the next two years. In addition, in recognition of Africa’s abundant potential for renewable energies of the future, the UK is working with African nations to assist them in mitigating and adapting to the effects of climate change as the world faces the stark and shared challenge of climate change.

We must strengthen our ties with partners around the world in order to boost our economic security, create opportunities for growth, and grow the UK’s economy.

“This summit will guarantee that we are able to capitalize on the potential of our relationships across Africa, grow our economies together, and make them stronger, more resilient, and more innovative,”

UK-AIS will help harness this potential for the creation of mutual prosperity, economic growth, jobs, and a global transition to green energy by facilitating business-to-business links, trade opportunities, and investment,” Sunak stated.

Additionally, James Cleverly, the Foreign Secretary, stated: We all reap significant economic benefits from the UK’s trade and investment relationships with nations across the African continent.

“This second African Investment Summit in London will build on our successes since 2020, combining the strengths, innovations, and expertise of the UK and our partners across Africa to support reliable, sustainable, and long-term investment, confirming the UK’s position as a leading investor in Africa.

Cleverly added, “When we go together, the UK and Africa go far.”